Slovak Economy Grows at Slowest Pace Since 2009 Recession

Feb. 14 (Bloomberg) -- The Slovak economy expanded at the
slowest pace since the country emerged from the 2009 recession
because of slowing export demand and rising unemployment.

Gross domestic product grew a preliminary 0.7 percent in
the fourth quarter from the same period a year ago compared with
a 2.1 percent expansion in the previous quarter, the statistics
office said on its website today. In quarterly terms, the
economy expanded a seasonally adjusted 0.2 percent, down from
0.3 percent in the third quarter.

Slovakia, which adopted the euro four years ago, relies on
demand from western Europe to maintain growth. Boosted earlier
last year by an increase in car-industry capacity, the economy
faces a slowdown as the euro-region’s debt crisis weakens
exports and unemployment erodes purchasing power.

The number of jobs in the economy dropped a seasonally
adjusted 0.5 percent in a year, compared with a 0.2 percent
decline in the third quarter, the Bratislava, Slovakia-based
office said.

The office didn’t provide a breakdown of growth. It will
release a final detailed report on March 6.